Egypt signs $1b World Bank financing agreement for 2nd phase of development policy programme

Egypt has signed a $1 billion financing agreement with the World Bank for the second phase of its Development Policy Financing (DPF) programme, which supports structural reforms aimed at improving the business environment, strengthening economic resilience, and accelerating the country's green transition.

Egyptian Foreign Minister Badr Abdelatty, also Egypt's governor at the World Bank, signed the agreement, as did Alwaleed Alatabani, the World Bank's Division Director for Egypt.

The programme, titled "Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt's Prosperity and Stability", is designed to support reforms that improve the competitiveness of the Egyptian economy, strengthen its ability to withstand external shocks, and advance the transition to a green economy.

The programme's second phase focuses on a package of structural reforms covering state-owned enterprise governance. These include removing obstacles to private investment and growth, strengthening fair competition, improving domestic revenue mobilization, and reducing the government's borrowing costs.

The agreement comes as part of the government's efforts to mobilize development financing from international and regional institutions to support economic resilience. It also supports Egypt's efforts to improve competitiveness, promote green development, and create an investment environment conducive to job creation.

WAM